1. Before the Age of Explorations  a world of economy-worlds  Europe  Islamic world  India  China  Insulindia  Japan  Moscovy  and others (Africa, Americas …)

2. Before the Age of Explorations  the European example:  the manor system is still the economic base  trade and finance  commodity flows outside the European economy-world

3. Before the Age of Explorations  economy-worlds around the world  an Amerindian example: Quechua’s economy-word  a self-sufficient economy determined by altitude  exchange circles in Quechua’s economy-word

4. Before the Age of Explorations  economy-worlds around the world  an economy-word before Europe: Islamic world  China: world’s major economy-world  the sub-Indian economy-world  a ranking of economy-world trade and financial systems

5. Before the Age of Explorations  linking economy-worlds: the Age of explorations  pre-existing trade flows  explorations, a summary  two spheres of influence: Asia (Portugal), and America (Spain  economic goals for explorations: spices

6. After the Age of Explorations  Long distance trade and new economic balances  the shift in the European economic axis: from Mediterranean to Atlantic  from Lisbon to Antwerp, the Portuguese failure  American silver around the world, the Spanish attempt

7. After the Age of Explorations  Long distance trade and new economic balances  The Dutch “miracle”  the rise of England

8. After the Age of Explorations  Outside Europe: colonies and slavery  growing at someone else’s expenses  models of colonization  needed hands for sugar and cotton: African slaves

9. Rates of growth of GDP per capita (annual average %)

10. After the Age of Explorations  Agriculture and the escape from the “Malthusian trap”  land and property rights  new plants from around world  the agricultural revolution  towards a new demographic pattern

11. Industrialization  Industrial Revolution: the break with the past  technology  natural resources and raw materials  leading industry  growing demand for manufactured goods

12. The evolution of regional GDP per capita (years 0-2000)

13. Industrialization  spillovers: the second Industrial Revolution  a different pattern  emerging players  the role of transports and communications

14. Industrialization  the Age of economic Liberalism  post 1860 free-trade policies  creating an international capital- market  urbanization  work-force migrations

15. Industrialization  unpredicted effects of the first wave of market-integration  the sad fate of the Indian cotton industry  1870s collapse of food prices  desplacing people and produtctions

16. Industrialization  a “charmed circle” and a huge periphery  the shift from interlinked economy- worlds to a world economy  the selecteded ones who reap the profits of industrialization

18. A sudden stop: between the two wars  WWI and its aftermath  the end of free-trade  State intervention in the economic sphere  an unexpected chance for the periphery

19. A sudden stop: between the two wars  the greatest crisis ever: 1929- 1934  USA’s charming Twenties  the crisis and its immediate consequences  the following crisis fallout: the “State economy”

20. The return of economic growth  Post-World War II economic trend  a new economic order: Bretton Woods  the postwar economic recovery  the “Golden age” of Western economy

21. The return of economic growth  the last decades: towards a new balance?  1970s oil crisis and its consequences  the collapse of the Second world  emerging players: China and India